Punjab University Budget Approved

LAHORE, July 2: The Punjab University Syndicate has approved a hefty Rs1.199 billion deficit budget for the financial year 2011-12 blaming that the federal government did not grant to meet the payment of enhanced salaries and pension.

The university administration says the impact of enhanced salaries and pension during the current financial year will be Rs533.623 million.

Overall, the Syndicate meeting presided over by Vice-Chancellor Prof Dr Mujahid Kamran has approved a budget of Rs5.024 billion, while expecting an income of Rs3.826 billion.

Of total expected income, the PU administration has calculated that it will generate some Rs2.543 billion (66 per cent) from its own resources and get a Rs1.283 billion (34 per cent) grant from the Higher Education Commission, including Rs29.016 million for the Tenure Track System.

The break-up of Rs5.024 billion expenditure shows that the university expects to spend Rs2.281 billion on payment of pay and regular allowances, Rs634.102 million on other allowances and benefits, Rs406.027 million on pension, Rs305.951 million on utility charges, Rs396.750 million on conduct and remuneration of examination, Rs654.976 million on other current expenditure, Rs255.245 million on development expenditure. It will also spend Rs29.016 million on tenure track system and offer scholarships to students to the tune of Rs61.360 million.

This year, the PU Syndicate approved establishment of three endowment funds – Pension Endowment Fund, Research Endowment Fund and Employees Welfare Fund.

It may be mentioned that the Research Endowment Fund was established in 1998 with an initial grant of Rs50 million by the then prime minister. The Syndicate decided that the Research Endowment Fund would be strengthened by contribution from the university, contribution from federal and provincial governments, donations and contributions from other sources at home and abroad.

The PU Employees Welfare Fund will be utilised for the welfare of university`s regular employees of BPS-1 to 16 and their families. The university will initially contribute and invest an amount of Rs20 million and thereafter will contribute Rs3 million on an annual basis. It will use the income of the fund for welfare of employees by providing them interest-free loans, giving financial assistance, offering performance-based awards, making special grants to its employees in exceptional cases, providing marriage grants as well as granting educational scholarships to the children of regular in-service university employees.Dawn.

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